Veblen effect

English

Etymology

Named after economist Thorstein Veblen.

Noun

Veblen effect (plural Veblen effects)

1. Conspicuous consumption.
   • 2020, Judy Whitehead, Microeconomics: A Global Text, Routledge, →ISBN, page 111:

     The Veblen effect, unlike the other two effects, is a response by consumers to the ostentatious price of the good rather than to the quantity others are buying. It is the effect generally known as conspicuous consumption.

Related terms

• Veblen good